Nationwide FlexDirect C/A - 5% on 2K5 no fee

innovate

d63 wrote: »

but meanwhile, i'm a little curious as to whether anyone else has had an account opened that they didn't apply for? (. . . or at least have no strong recollection of having applied for!)

Have a look for the "FlexDirects are breeding" thread. Seems you are not the only one.

Rather worrying, somehow.

sabretoothtigger

http://www.youtube.com/watch?feature=player_detailpage&v=rQ6LC-olw9Q

brenda10

innovate wrote: »

Have a look for the "FlexDirects are breeding" thread. Seems you are not the only one.

Rather worrying, somehow.

innovate I was looking for the thread you mentioned but couldn't find it, is it under savings or under flexdirect 5%
Thanks
Brenda
:money:Martin is my hero

Alex92_2

brenda10 wrote: »

innovate I was looking for the thread you mentioned but couldn't find it, is it under savings or under flexdirect 5%
Thanks
Brenda
:money:Martin is my hero

https://forums.moneysavingexpert.com/discussion/4524703

xxdeebeexx

d63 wrote: »

well i didn't try to open a second flexdirect account, and they have opened one for me anyway!
is it all very odd. first thing i knew about it was when a second visa debit card arrived in the post this morning for a flexdirect account in my name but with an account number i didn't recognise, and when i logged in there it was, with £0 balance . . but with no date that i could see for when it was actually opened. guess i will have to phone up and find out what is going on, (the first flexdirect seems to have had the interest added on correctly, and my original, no frills, flexaccount is still there), but meanwhile, i'm a little curious as to whether anyone else has had an account opened that they didn't apply for? (. . . or at least have no strong recollection of having applied for!)

Hi, this happened to me too. I had 2 appear over night and recieved a bank card today.
I won't use the account (I don't think) as I didn't initiate the account. ( however, when I opened my 'real' account online the session seemed to time out so I started again several times....maybe that was the trigger for the additional accounts.

dx

missmuddy

Hi,
(I'm new, so be gentle with me..!)
I've also recently applied for a FlexDirect account and have also been issued with two accounts and a ream of introductory (and contradictory) letters - although its too early to know if both will receive 5% interest.

I have two questions I've been trying to get to the bottom of...

1. In opening a 'new' account rather than upgrading an existing account, I only knew when the account was opened, and therefore was only able to make a deposit, about a week after the event. Consequently I, or anyone in the same position, won't get the full years bonus rate! The difference doesn't amount to alot, but it seems a bit cheeky to me that there is no facility to take full advantage of the advertised bonus as soon as the account is 'open'.

2. Various sites advertise that you can earn up to £125 with this account. ie. 5% of £2,500. But the gross interest rate is 4.89%. My understanding is thst if this interest is paid on the entire balance then at the end of 1 year the the AER rate will be equivalent to the gross... but they only pay interest on a max of £2,500 so interest added, won't earn any additional interest (if that makes sense?). If thats the case then its only possible to earn a maximim of £122.25 before tax. Is my understanding correct and is the 5% headline figure a bit misleading?

I'm just curious to know your thoughts, in case I've got the wrong end of the stick.

Thanks,

veryintrigued

missmuddy wrote: »

Hi,

1. In opening a 'new' account rather than upgrading an existing account, I only knew when the account was opened, and therefore was only able to make a deposit, about a week after the event. Consequently I, or anyone in the same position, won't get the full years bonus rate!

Thanks,

Full years bonus rate? I thought you just got 5% paid (each month) for every month you put the minimum monthly deposit in?

missmuddy

Well kind of... My understanding is that you get interest paid each month, but at the gross rate of 4.89% not at 5% (I've had one interest payment that calculates as this). And then after 1 year, the rate goes down to 1%. So if my account was opened on the 11th of March 2013, I'll get the bonus rate until 10th March 2014 regardless of when I made my first deposit.

sabretoothtigger

a&akay wrote: »

Got mine as well. All 5 are now topped up to £2.5k and my OH's 4 are maxed out on ODs to £10k+ to my Santander 3.2% stoozepot as he's a 40% taxpayer.

Thats a nice set of free OD to have. I think the interest is paid on the anniversary of ac opening not the month start?

Does the 1k funding need to be externally done or internal is ok like Halifax.

deutsch

Date - Transaction - Paid out - Paid in - Balance

18 Mar 2013 - Bank credit - £0 - £2500.00 - £2500.00
31 Mar 2013 - Interest/Charge - £0 - £5.02 - £2505.02
31 Mar 2013 - Interest/Charge - £1.00 - £0 - £2504.02

What happened to my interest last month? Any clues?
paid in £5.02 and took away £1?